If your deposit is protected with our new deposit provider, MyDeposits, we'll automatically notify MyDeposits of any tenants who have been added to, or removed from, the tenancy. This means that your deposit record will automatically be updated.
However, as the landlord, you'll still be responsible for releasing and re-protecting any share of the deposit.
If a Tenant Is Leaving the Tenancy:
If any of the tenants named on the original tenancy agreement are leaving the property you, as the landlord, will need to release their share of the deposit to them.
Before releasing a tenant's share of the deposit we recommend that you order a Check Out Report to take account of any damage that has occurred during the tenancy period and make any necessary deductions from the existing deposit. Ordering a Check Out Report ensures that all tenants cover their share of damage fairly.
Once you've agreed to any deductions for damage you can release the former tenant(s) share of the deposit through your MyDeposits account. If you'd like further assistance on repaying the deposit please contact MyDeposits directly:
0333 321 9404
If a New Tenant Is Replacing a Former Tenant:
Follow the steps above to release the former tenant's share of the deposit.
Before the new tenant moves in we'd recommend that you carry out a full inventory inspection of the property. A new inventory at this point gives an accurate record of the state of the property when the new tenant moves in and helps reduce the risk of disputes later.
After everyone's agreed to the new inventory you should ask the new tenants to pay their share of the deposit. Once you've received their share you'll have 30 days to protect it along with the rest of the deposit.
If a New Tenant Is Moving In And No Tenant Is Moving Out:
If a new tenant is moving into a property, without any of the existing tenants moving out, we'd still recommend that you carry out a new Inventory.
Having a new Inventory will identify any damage caused during the initial tenancy and help prevent a new tenant disputing damage at a later point.
Can I Increase the Total Deposit Protected?
No. We are currently unable to support a total increase in the deposit associated with an existing tenancy. If you'd like to increase the deposit amount for an existing tenancy you'll need to create a new tenancy.